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- Donner Company began its operations in September of the current year. During September, the company paid wagesof $23,400. For the last quarter of the year, the taxable wages paid amounted to $64,700. None of the employeeswas paid more than $7,000 this year. a. Is Donner Company liable for FUTA tax this year? Explain.b. What is the net FUTA tax?...................................................... $The estimated taxable income for Love Corporation on January 1, 2021, was P80,000, P100,000, P100,000, and P120,000, respectively, for each of the four quarters of 2021. Love estimated annual effective tax rate was 30%. During the second quarter of 2021, the estimated annual effective tax rate was increased to 34%. Given only this information, Love's second quarter income tax expense was?On December 31, 2023, XYZ Inc. has an account payable of $2,000 for operating expenses incurred during the year. These expenses are only tax deductible when paid. XYZ normally pays for its operating expenses one month after they are incurred. Assuming a 20% tax rate, these expenses will result in: Multiple Choice О A deferred tax liability of $2,000. A deferred tax liability of $400. A deferred tax asset of $400. A deferred tax asset of $2,000.
- Josh Company, a calendar-year corporation has the following income before income tax provison and estimated effective annual income tax rates for the first three quarters of year 1: Income before income tax provision Estimated effective annual rate at end of quarter Quarter First P600,000 40% Second 700,000 40% Third 400,000 45% 1. Josh income tax provision in its interim income statement for the third quarter should be?For the year ended December 31, 2006, Grim Company's pretax financial income was P2,000,000 and its taxable income was P1,500,000. the difference is due to the following:Interest income as savings deposit, 700,000Premium expense on keyman life insurance, (200,000)Total 500,000The income tax rate is 35%. In its 2006 income statement, what amount should Grim report as current provision for income tax expense?a. 525,000 b. 700,000 c. 595,000 d. 770,000Thornton, Inc., had taxable income of $129632 for the year. The company's marginal tax rate was 34 percent and its average tax rate was 24.7 percent. How much did the company have to pay in taxes for the year? a.30432 b.44075 c.30776 d.29074
- The Sirap Co had sales for the year at $150000. Only $105000 was collected in cash, The remaining $45000 should be collected in cash next year. The income is not taxable until it is collected in cash. The only expense for the business in income tax and the rate is 25% for this year and in all future years. how do you Make all journal entries necessary to record income tax for the year. ?Jackel, Inc. has the following information for the current tax year: Gross sales $350,000 Cost of goods sold 50,000 Dividends received from 10% owned domestic corporation 40,000 Operating expenses 30,000 Charitable contributions 45,000 What is Jackel's taxable income? Correct Answer should be $259,000EFG, an accrual basis calendar year corporation, reported $742,000 net income before tax on its financial statements prepared in accordance with GAAP. EFG’s records reveal the following information: The allowance for bad debts as of January 1 was $79,000. Write-offs for the year totaled $14,800, and the addition to the allowance for the year was $12,800. The allowance as of December 31 was $77,000. EFG paid a $25,970 fine to the state of Delaware for a violation of state pollution control laws. EFG was sued by a consumers' group for engaging in false advertising practices. Although EFG’s lawyers are convinced that the suit is frivolous, its independent auditors insisted on establishing a $74,200 allowance for contingent legal liability and reporting a $74,200 accrued expense on the income statement. EFG received a $244,860 advanced payment for 10,000 units of inventory on October 20. EFG reported the payment as revenue the following February when the units were shipped.
- Basi Inc., a domestic corporation, reported the following: Determine the total gross income subject to regular income tax.In early 2012, Cho-Sun's gross pay increased from $71,000 per year to $83,000 per year. Answer parts (a) and (b). Taxable Income (Income tax brackets) Tax Rates $44,701 or less 15% of taxable income less than or equal to $44,701; plus Over $44,701 up to $89,401 22% of taxable income greater than $44,701 and less than or equal to $89,401; plus Over $89,401 up to $138,586 26% of taxable income greater than $89,401 and less than or equal to $138,586; plus Over $138,586 29% of taxable income greater than $138,586 (a) What was the annual percent increase in Cho-Sun's pay before federal income taxes? nothing% (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.) (b) What was the annual percent increase in Cho-Sun's pay after federal income taxes were deducted? nothing% (Round the final answer to two decimal places as needed.…Give me correct answer with explanation..j
